An Alternative Dispute Resolution for Debt Recovery
From Legal Review of Arbitration Clause to Obtaining an Arbitral Award for the Client
Arbitration is a popular alternative to traditional litigation in resolving debt disputes. It involves several steps:
Legal Review of Arbitration Clause: The first step is to review the arbitration clause in the contract (if one exists). This clause determines if arbitration is the agreed method of dispute resolution and outlines the procedures to follow.
Translation of Necessary Documents: If the arbitration process involves multiple countries, it may be necessary to translate all relevant documents into the appropriate language(s).
Drafting a Power of Attorney: A Power of Attorney document will be needed to authorize your legal representative to act on your behalf in the arbitration proceedings.
Making a Strategy for Arbitration: Developing a sound strategy for the arbitration process is crucial to enhance your chances of a favourable outcome.
Drafting and Filing a Lawsuit with the International Arbitration Court (IAC): This involves preparing a detailed statement of your claim and submitting it to the appropriate arbitration body.
Application for Asset Seizure: Depending on the jurisdiction, you might need to apply for an asset seizure to secure repayment of the debt if you win the case.
Participation in Arbitration Hearings: These hearings allow both parties to present their cases before the arbitrator(s).
Obtaining an Arbitral Award for the Client: If the arbitrator(s) rule in your favor, you will receive an arbitral award, which is a legally binding decision that the debtor must abide by.
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